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Valentino<\/strong> said on Monday it had settled the dispute with the landlord of its former U.S. flagship on Manhattan’s Fifth Avenue<\/strong>, which the Italian fashion company had abandoned due to the pandemic.<\/p>\n <\/p>\n In a statement, Valentino said its out-of-court settlement with landlord 693 Fifth Owner LLC<\/strong> included the termination of the 16-year lease<\/strong>, for a space two blocks south of Trump Tower<\/strong>.<\/p>\n <\/p>\n Valentino had sought in June 2020 to terminate the lease, saying the pandemic made it impossible to operate the shop “consistent with the reputation of luxury, prestige and high quality<\/em>” of its neighborhood.\u00a0After a New York state trial judge then rejected that request, the landlord sued Valentino for $207.1 million<\/strong>, primarily to recover unpaid rent and repair damage to the shop<\/strong>.<\/p>\n <\/p>\n Last month, a New York state appeals court agreed that the pandemic did not relieve Valentino of its lease obligations, “even if its ability to provide a luxury experience was made more difficult because the leased premises were not destroyed<\/em>” . The pandemic depressed sales for Manhattan retailers<\/strong> as many office workers and tourists were no longer visiting the shopping mecca.<\/p>\n <\/p>\n Average asking rents in the fourth quarter of 2021 fell 13.5 percent from a year earlier<\/strong>, although leasing activity rose 24.1 percent from the previous quarter, according to commercial real estate firm Jones Lang LaSalle Inc<\/strong><\/em>.<\/p>\n <\/p>\n <\/p>\n Read also >\u00a0VALENTINO CELEBRATES ITS COLLECTION BY PARTNERING WITH A FRENCH BAKERY\u2026 FROM AUSTRALIA !<\/a><\/p>\n <\/p>\n Featured photo : \u00a9 Shutterstock[\/vc_column_text][\/vc_column][\/vc_row][vc_row njt-role=”not-logged-in”][vc_column][vc_column_text]<\/p>\n <\/p>\n <\/p>\n Valentino<\/strong> said on Monday it had settled the dispute with the landlord of its former U farmbrazil.com.br<\/a>.S. flagship on Manhattan’s Fifth Avenue<\/strong>, which the Italian fashion company had abandoned due to the pandemic.<\/p>\n <\/p>\n In a statement, Valentino said its out-of-court settlement with landlord 693 Fifth Owner LLC<\/strong> included the termination of the 16-year lease<\/strong>, for a space two blocks south of Trump Tower<\/strong>.<\/p>\n <\/p>\n […][\/vc_column_text][vc_cta h2=”This article is reserved for subscribers.” h2_font_container=”tag:h2|font_size:16|text_align:left” h2_use_theme_fonts=”yes” h4=”Subscribe now !” h4_font_container=”tag:h2|font_size:32|text_align:left|line_height:bas” h4_use_theme_fonts=”yes” txt_align=”center” color=”black” add_button=”right” btn_title=”I SUBSCRIBE !” btn_color=”danger” btn_size=”lg” btn_align=”center” use_custom_fonts_h2=”true” use_custom_fonts_h4=”true” btn_button_block=”true” btn_custom_onclick=”true” btn_link=”url:https%3A%2F%2Fluxus-plus.com%2Fen%2Fsubscriptions-and-newsletter-special-offer-valid-until-september-30-2020-2-2%2F”]Get unlimited access to all articles and live a new reading experience, preview contents, exclusive newsletters…<\/p>\n<\/h4>\n
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Forced to close with the pandemic in 2020, the Valentino shop in Manhattan did not pay rent to the owners of the premises.<\/h4>\n